New York Life Wins Appeal in Misrepresentation Case

Mr. Blumenthal maintained that he was not made aware of the facts until November 2006 at which time he was provided an illustration of that the policy’s cash value and death benefit would be zero as soon as year 13 or as late as year 17 of the policy. Upon receiving this information, Mr. Blumenthal cancelled that policy. However, Mr. Blumenthal was provided with pages of a policy illustration one month after his purchase in 1999.

Mr. Blumenthal proceeded to file suit against NYLIAC for fraud and misrepresentation, breach of contract, unjust enrichment and recission. The court concluded that the written and illustrated materials that were provided to Mr. Blumenthal were sufficient enough to make him aware at the time of the purchase in 1999, making his 2008 lawsuit “untimely.” For the same reasons as the district court, the appeals court affirmed the earlier decision.